LOS ANGELES, CA / ACCESSWIRE / July 30, 2024 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company") is pleased to announce that, on July 26, 2024, the West Virginia Economic Development Authority ("WVEDA") issued, and Clean Vision accepted, an amended and restated commitment letter (the "Amended Letter"), providing Clean Vision with a $15 million high impact loan guarantee (the "WV Loan Guarantee"). Once the loan has been finalized and the funds provided for in the WV Loan Guarantee have been received, Clean Vision will deploy such funds for critical aspects of the recycling and processing facility project being conducted by its wholly owned subsidiary, Clean-Seas West Virginia, Inc. ("Clean-Seas West Virginia"), in Quincy, West Virginia (the "Project"). The Amended Letter amends and restates the previously announced commitment letter dated February 12, 2024 issued by WVEDA and accepted by Clean Vision on February 13, 2024 (the "Original Letter").
Due to certain concerns the potential funding source had with the Original Letter, the Company worked with the WVEDA to secure the Amended Letter in order to move the Project and related financing with the WVEDA forward. Upon receipt of the funds provided for in the WV Loan Guarantee and the closing of the related loan agreement, the Company plans to rapidly accelerate the advancement of the Project, which we believe will be groundbreaking.
Current plans are to direct the funds towards critical aspects of the Project, including leasehold improvements, long lead-time equipment acquisitions, design and engineering, and pre-commissioning activities. We see these investments as pivotal in the development of the state-of-the-art facility, with the goal to position Clean-Seas West Virginia as a key player in sustainable practices within the plastic conversion industry.
Clean-Seas West Virginia currently anticipates the Project to commence operations in mid-2025, which aligns closely with our commitment to divert plastic from landfill and incineration.
"We are grateful to Governor Jim Justice, and the WVEDA for their support and vision in bringing this environmentally friendly, clean technology to the State of West Virginia," said Dan Bates, CEO of Clean Vision. "The WVEDA's loan guarantee is pivotal to moving our project in Quincy forward."
The terms of the $15 million WV Loan Guarantee and Amended Letter call for, among other things, the WVEDA to replace a potential bridge lender with a permanent 10-year, $15 million note at 7% interest upon the commissioning of the technology for the Project. The Amended Letter sets forth certain terms and conditions that must be satisfied in order for the funds provided for in the WV Loan Guarantee to be made available to the Company, including, but not limited to, the delivery of certain equipment to the Project and certification by an independent third-party architect or engineer certifying that all such equipment is operational.
Clean-Seas West Virginia's Project will convert plastic feedstock into clean, plastic pyrolysis oil, a valuable precursor for new, circular plastic products. The pyrolysis oil will be supplied to a major U.S. based Oil and Gas distributor, which we believe will strengthen our foothold in the renewable energy sector.
"This Project represents a significant milestone for Clean-Seas' Plastic Conversion Network, with our Quincy facility poised to lead the development of our currently planned projects in the United States, alongside our current operations in Morocco and India," stated John Yonce, president of Clean-Seas West Virginia. "We are thrilled to secure the Amended Letter, we believe our continued support from the WVEDA is a testament to the Project's adherence to regulatory standards, environmental sustainability, and the generation of clean, well-paying jobs.
About Clean Vision Corporation
Clean Vision is a public company that operates in the sustainable clean technology and green energy sectors. For more information, visit: www.cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp
About Clean-Seas West Virginia, Inc.
Clean-Seas West Virginia, Inc. is a wholly-owned subsidiary of Clean Vision, established for the purposes of developing and operating the Company's PCN facility in Quincy, West Virginia.
About Clean-Seas, Inc.
Clean-Seas, Inc. ("Clean-Seas") is a wholly-owned subsidiary of Clean Vision, working to provide efficient and cost-effective technology solutions that address the global plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas' goal is to offer "best in class" pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing plastic feedstock and off-take agreements. For more information, visit: www.clean-seas.com
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our projections with respect to the Project in Quincy, West Virginia, our ability to successfully close on the loan as provided for in the WV Loan Guarantee, our ability to meet current projections and estimates with respect to the development and placing our planned PCN facilities into operation, which is dependent upon numerous factors of which we cannot guarantee will be satisfied or favorable, including, but not limited to, our ability to raise necessary capital, secure required local, state and federal contracts and licenses, and other factors outside of our control; estimated revenue generation, cash flows, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; our estimates with respect to expanding and meeting our projections for our PCN facilities; our ability to raise capital and secure contracts needed to meet expected revenue and processing capabilities; our ability to secure feedstock and offtake agreements sufficient to meet anticipated growth, revenue generation and project processing capabilities; the impact of local and global regulations and laws applicable to our facilities and projects; and our ability to provide viable solutions to the global plastic crisis. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
